MMCAP International Inc. SPC
Long book
$1.16B
Q1 2026
Positions
244
Top-10 weight
35%
concentration
Last quarter
+4.5%
SPY +14.8%
Turnover
29%
of book per quarter
Strategy in plain words
auto-generated from filingsMMCAP International Inc. SPC is a diversified fundamental manager, running a $1.16B US long book across 244 positions.
The portfolio is moderately concentrated (top 10 ≈ 35% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ARIS MINING CORP, ALGOMA STEEL GROUP INC, XANADU QUANTUM TECHNOLO-CL B, NEXGEN ENERGY LTD, CHURCHILL CAPITAL CORP XI.
Over the last 9 quarters its long book ran on average 1.7pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-8.0%
Q2 2024
+7.2%
Q3 2024
-0.2%
Q4 2024
-15.1%
Q1 2025
+23.9%
Q2 2025
+27.4%
Q3 2025
+12.2%
Q4 2025
+4.0%
Q1 2026
+4.5%
Sector allocation
Financials 46%
Materials 23%
Industrials 12%
Technology 11%
Other 4%
Healthcare 3%
Energy 0%
Consumer discretionary 0%
Long book by quarter
What does MMCAP International own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| ARIS ARIS MINING CORP | Materials | 7.8M | $145.2M | 12.5% | -43.4% |
| ASTL ALGOMA STEEL GROUP INC | Industrials | 12.8M | $53.1M | 4.6% | +11.8% |
| XNDU XANADU QUANTUM TECHNOLO-CL B | Technology | 6.9M | $48.1M | 4.2% | New |
| NXE NEXGEN ENERGY LTD | Materials | 2.4M | $28.2M | 2.4% | Held |
| DMII DRUGS MADE IN AMERICA ACQUIS | Financials | 2.7M | $26.9M | 2.3% | New |
| NPAC NEW PROVIDENCE ACQUISITION-A | Financials | 2.2M | $22.6M | 1.9% | Held |
| CRDL CARDIOL THERAPEUTICS INC-A | Healthcare | 15.4M | $20.7M | 1.8% | +7247.4% |
| FERA FIFTH ERA ACQUISITION CORP-A | Financials | 1.9M | $19.6M | 1.7% | Held |
| APTV APTIV PLC | Industrials | 233.1K | $16.2M | 1.4% | +36.9% |
| RDAG REPUBLIC DIGITAL ACQUIS-CL A | Financials | 1.6M | $16.0M | 1.4% | Held |
| LPAA LAUNCH ONE ACQUISITION CORP | Financials | 1.5M | $15.9M | 1.4% | Held |
| CEPF CANTOR EQUITY PARTNERS-CL A | Financials | 1.5M | $15.3M | 1.3% | Held |
| IPCX INFLECTION POINT ACQUISITI-A | Financials | 1.4M | $14.3M | 1.2% | Held |
| FAC FACTORIAL ENERGY INC | Technology | 1.4M | $13.8M | 1.2% | Held |
| GPAT GP-ACT III ACQUISITION-A | Financials | 1.3M | $13.8M | 1.2% | Held |
| STLD STEEL DYNAMICS INC | Industrials | 73.9K | $13.3M | 1.1% | +590.0% |
| ALF CENTURION ACQUISITION CORP | Financials | 1.2M | $12.6M | 1.1% | Held |
| WENN WEN ACQUISITION CORP-A | Financials | 1.2M | $12.2M | 1.1% | Held |
| CEPV CANTOR EQUITY PARTNERS-CL A | Financials | 1.2M | $12.1M | 1.0% | Held |
| MBVI M3-BRIGADE ACQUISITION-CL A | Financials | 1.1M | $11.1M | 1.0% | Held |
| STM STMICROELECTRONICS NV-NY SHS | Technology | 309.9K | $10.7M | 0.9% | New |
| CUB LIONHEART HOLDINGS - CL A | Financials | 980.0K | $10.5M | 0.9% | Held |
| SIMA SIM ACQUISITION CORP I-A | Financials | 980.0K | $10.5M | 0.9% | Held |
| SBXD SILVERBOX CORP IV-A | Financials | 980.0K | $10.5M | 0.9% | Held |
| HYAC HAYMAKER ACQUISITION CORP 4 | — | 900.0K | $10.4M | 0.9% | Held |
| DNN DENISON MINES CORP | Materials | 2.9M | $10.1M | 0.9% | -60.4% |
| HCMA HCM III ACQUISITION COR-CL A | Financials | 1.0M | $10.1M | 0.9% | Held |
| FCRS FUTURECREST ACQUISITION-CL A | Financials | 1.0M | $10.1M | 0.9% | Held |
| BLZR TRAILBLAZER ACQUISITION-CL A | Financials | 1.0M | $10.1M | 0.9% | Held |
| GM GENERAL MOTORS CO | Industrials | 134.0K | $10.0M | 0.9% | +102.0% |
| SNAP SNAP INC - A | Technology | 2.0M | $9.0M | 0.8% | New |
| GRAF GRAF GLOBAL CORP-CL A | Financials | 830.0K | $8.9M | 0.8% | Held |
| POET POET TECHNOLOGIES INC | Technology | 1.5M | $8.9M | 0.8% | -2.1% |
| SUIG SUI GROUP HOLDINGS LTD | Financials | 6.7M | $8.0M | 0.7% | +8.3% |
| CAEP CANTOR EQUITY PARTNERS III-A | — | 750.0K | $7.7M | 0.7% | Held |
| OBA OXLEY BRIDGE ACQUISITIO-CL A | Financials | 750.0K | $7.6M | 0.7% | Held |
| PACH PIONEER ACQUISITION I-CL A | Financials | 750.0K | $7.6M | 0.7% | Held |
| EU ENCORE ENERGY CORP | Materials | 4.2M | $7.5M | 0.6% | -3.5% |
| GTEN GORES HOLDINGS X INC-CL A | Financials | 700.0K | $7.2M | 0.6% | Held |
| AEXA AMERICAN EXCEPTIONALISM-CL A | Financials | 631.5K | $6.8M | 0.6% | Held |
| CRAN CRANE HARBOR ACQUISITIO-CL A | Financials | 650.0K | $6.4M | 0.6% | New |
| POLE ANDRETTI ACQUISITION CORP -A | Financials | 580.0K | $6.2M | 0.5% | Held |
| NOEM CO2 ENERGY TRANSITION CORP | Financials | 590.0K | $6.1M | 0.5% | Held |
| ONCH 1RT ACQUISITION CORP-A | Financials | 600.0K | $6.1M | 0.5% | Held |
| ZONE CLEANCORE SOLUTIONS INC-CL B | Other | 16.9M | $6.0M | 0.5% | -8.1% |
| MBAV M3-BRIGADE ACQUISITION V-A | Financials | 550.0K | $5.9M | 0.5% | +37.5% |
| MT ARCELORMITTAL-NY REGISTERED | Industrials | 105.9K | $5.5M | 0.5% | +15.8% |
| SBET SHARPLINK INC | Financials | 807.6K | $5.2M | 0.4% | Held |
| LPBB LAUNCH TWO ACQUISITION- CL A | Financials | 480.0K | $5.1M | 0.4% | Held |
| FIGX FIGX CAPITAL ACQUISITION C-A | Financials | 500.0K | $5.0M | 0.4% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 244 | $1.16B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 209 | $1.00B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 172 | $859.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 6, 2025 | 144 | $831.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 131 | $586.8M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 139 | $664.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 167 | $719.0M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 181 | $719.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 9, 2024 | 186 | $768.2M | canonical | SEC ↗ |
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